API Completes the Sale of a $2.15m 14-Unit Property in Long Beach
Alden Pacific Investments recently closed on a 14-unit property located at 1430 Cherry Ave. The buyer in this transaction was represented by managing broker John Alden. The property sold at a CAP rate of 5% and GRM of 13.09 with 40% upside to achieve a 7.7% CAP rate and 9.03 GRM at market rents.
This property was a great value add deal - at $154k/door it offered the new buyer a great opportunity to capture additional upside by improving operational efficiencies with minimal capital expenditures needed.
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